The discount between the GBTC Bitcoin Trust and its NAV reached its lowest point since December 2021, at 15.87%, following expectations for a new digital gold ETF to launch soon.
At the beginning of this year, the discount was recorded at 48.31%, as pointed out by well-known cryptocurrency trader and host of The Wolf Of All Streets podcast, Scott Melker.
However, the situation saw a significant shift in July when BlackRock filed an application for a Bitcoin ETF.
As a result, quotes for GBTC from Grayscale Investments increased by 57%, and the discount to NAV reduced from 41.7% to 29.3%.
This trend has continued in recent days due to the lack of a Securities and Exchange Commission (SEC) appeal against the ruling in the case against Grayscale.
Towards the end of August, a US court ruled in favor of Grayscale Investments and ordered the SEC to reconsider their decision to reject the conversion of GBTC into a Bitcoin ETF.
